Hatch Business Credit Card, If you’re a small business owner who wants a credit card that rewards you for spending, you should consider a Hatch Business credit card. This neobank offers cash back rewards, a minimum balance fee waiver, and protection against overdraft fees. You can find a specialized business credit card in our comparison chart. But how do you get started? We’ve broken down the requirements, and provided an overview of some of the benefits of this card.
Hatch is a neobank
When looking for a small business credit card, Hatch is a great option. These cards require a credit check, but don’t require a hard pull on the major credit bureaus. You can even get a credit line without a credit check if you have a reliable payment history and good standing. The company has a wide range of credit card limits, which depend on your needs and business goals. You must make sure to pay off your balance every month to avoid interest fees. The interest rate ranges from 18% to 24% APR, depending on your specific situation.
It offers cash back rewards
If you’re interested in maximizing your cash back rewards, you’ll find plenty of credit cards that offer this benefit. Be sure to know your credit score before you apply for a new card, and then plan your purchases to coincide with the categories that rotate through each credit card. Most credit card companies will notify you of the categories and deadlines for qualifying purchases. If you’re interested in earning more cash back, check out the Acorns Found Money app, which gives you extra investment cash for making purchases.
It eliminates minimum balance fees
Many financial institutions require customers to maintain a certain minimum balance before they are allowed to open a checking account. This allows them to earn a higher interest rate or avoid having to pay a service fee, but it is actually a way to generate more revenue from deposits. Financial institutions have overhead costs to maintain accounts, branch out to provide customer service and more. Hence, eliminating minimum balance fees is a good thing for the consumer.
It covers overdraft fees
If you’re afraid of overdrawing your account, you should sign up for an overdraft protection plan. This type of protection will automatically transfer money into your account when your balance is low enough. This can save you from overdraft fees when you make purchases, but be careful not to overdraw. You might end up with declined debit card transactions. While these plans do offer protection against overdraft fees, they may not be the best option for everyone.
It does not report to credit bureaus
As a small business owner, you might be wondering if you should sign up for the hatch business credit card. While the card does not report to the credit bureaus, it can be used as a reference. Because it does not report to the DNB or to any specific CRA, it is not likely to affect your credit report. However, the account’s $3,000 limit means that it does not seem to offer any value in the building of your business credit.